Insurtech startup Onsurity said it has raised a $24 million Series B funding round led by IFC. Separately, Virgio, a fashion startup, said it is pivoting its business model from fast fashion to sustainable clothing.
Onsurity raises $24m
Insurtech startup Onsurity on Monday said it has raised $24 million in Series B funding led by the World Bank’s International Finance Corporation (IFC). Existing investors Nexus Venture Partners and Quona Capital also participated in the round.
In 2021, the company had raised $16 million in a Series A round from Quona and Nexus Venture Partners, among other investors. Onsurity competes with companies including Plum Insurance and Nova Insurance.
Virgio pivots to sustainable clothing
Virgio, a fashion startup, said it is pivoting its business model from fast fashion to sustainable clothing.
In a LinkedIn post, the company’s founder Amar Nagaram said, “We’re evolving into something even more meaningful and powerful. Being one of the fastest-growing fast fashion brands in India, we’ve soared higher than we’d imagined when we started off last year,” wrote Nagaram, who is the former CEO of Myntra. “That’s why we’ve made a conscious choice to move our entire efforts to build a circular fashion brand.”
This comes less than a year after the company raised $37 million from investors including Prosus, Accel, Alpha Wave.